Longtime believers in Ambrx Biopharma Inc. are being rewarded with juicy returns as Johnson & Johnson’s buyout offer values the biotech stock at more than 6,700% of its all-time low.
Johnson & Johnson agreed to acquire Ambrx for $28 per share in cash, an approximately 105% premiumBloomberg Terminal to its closing price prior to Monday’s announcement, valuing the drug developer at $2 billion. Ambrx is now trading in stark contrast to December 2022, when shares closed at a rock-bottom price of 41c and the company was at risk of being delisted.
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